Man, this thread just woke up....
Anyway, I think that an Axis Spain would be interesting to think of some stuff as to how it would affect the war.
I don't think Spain will affect the war that much. Sure, Spanish gold may not go to the Soviet Union, but they still had a strong army. And they could also order soldiers to join the army. Sure, guns need money, but hands don't. Still, it may make the soviets back down a little, but they still may win Operation Barbarossa. Sure, they may also not get land from Finland. Spain's only real uses for the Axis are gold, men, and Gibraltar. Don't get me wrong, Gibraltar was really important in the war, as with it, Britain had a secure entrance to the Mediterranean, and Italy had no access to the Atlantic. Even if Africa falls to the Allies in this world, Italy can still send their navy through Gibraltar with ease. Sure, Italy's navy was nothing compared to Britannia, but still. A naval distraction in the Bay of Biscay or anywhere else in the Atlantic, causing a need to relocate some ships to fight, could be the perfect opportunity for Operation Overlord (that is what it was called, right?), where Germany invades the British Isles. When Britain is knocked out, Germany, Italy and Spain could turn their eyes to the Soviets, already weakened from no Spanish gold, and maybe even the Winter War, as well as the Great Purge, a joint-axis assault on the Union would most likely take down the Soviet Union. With that, Germany could send assistance to Japan in China by land. Once China is dealt with, Japan attacks America, and then the Axis and Japan could take down America with their bases in Canada being used as a staging ground.
Okay, now I think it could make a difference.